The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-08

money was due, but my authority was
most trustworthy person.
On one occasion l asked Mr.. Jacuuier
what money was at the back of the S45, 000,-
uoo. he evaded the question by saying that
ne was not the financial manager, but only
1he director general of the works. Howev-
er, tne gross expenses of the canal are about
S5,OoO,0OO per month, and therefore the
sum they now have, even without the mort
gage payment, would not last much longer
than fifteen months
Admitting the canal completed, how do
you look upon 1t as a speculation for the
shareholdersm
''On the most sanguine figures of the
canal company itself can show that they
cannot possibly pay any kind of return ON
their capital. In 1870 the traffic of the Suez
canal was represented by 4S6 ships, amount
ing to 435, 911 tons and yielding revenue of
:, l59, 237 francs. In 1885 it had increased
to 3,624 vessels of 1885, All tons and paving
the company 62, 207 ,439 francs. The canal
company and their subscribers base their
hopes OF success on these estimates M. La
vasseur, a member of the Institute of
France, has estimated that on the Panama
canal opening in 1889 the total tonnage pass
ing through it in year would be I, 100000
NJ Amedee Warteau, chief editor of the
Journal duHaur places the figure at Z, 536,
9S2 This estimate is, of course, ex-
travagantly high. However, in order to
prove failure on the figures of the COM
pany itself let us take as basis 7,500, 900
tons passing through the canal in year,
and presuming that the tariff is 15f. per
ton, as I understand it will be, the annual
receipts would be liz, SOC, 000f. Deducting
the probable expenses of administration
and repairs this revenue would not remuner.
ate capital exceeding 1900, 600, 000f., or
S240, 200, 900. For this sum it is not possible
to construct the canal.
Considering the 100000 cubic metres
yet to be excavated, and that the 80, 900 900
of cubic metres, plus the installation, have
already cost Sl34, 0o0, 600, and remembering
that the excavation alone is not the only
source of great expense, it is not unreason-
able to assert that the final cost of the canal
will not be less than 1900, 900, O00f., or
$3750O0,0oO
LAND GRABBING.
"How much land have the French
acquired on he'isthmusp'
In the original act of concession by the
Colombian government to the Interoceanic
Canal Company it was agreed that the COM
pany should have the right to border of
200 metres of land ON each side of the canal
and to 100000 hectares 4 ,235, ST. acres of
public lands in such parts of Colombia as
the company should choose, the title to such
lands to be surrendered to the company as
the canal progressed. The first surrender
was of 10000 hectares of land at time
when the Colombian government conceded
that one-third of the total work was COM
pleted. Besides this the company has
acquired other lands as follows: At Colon,
27 hectares; at Panama, 226 hectares; at
Taboga, 2 hectares; from the Panama rail
road, 707 hectares, and in land bought
alongside the canal IL, 061 hectares, amount
ing in all to 14,023 hectares, or "a, 652 acres.
On Oct. 9, the Colombian government in
creased the grant from 100000 to 100000
hectares, conceding that one-half of the
work necessary for the construction of the
canal had been finished. 1t was a diplo-
matte move on the part of the canal com
pany to lead the government to such con-
clusion. The formal signatures to this title
were made on Dec. 80 last, SO that the com
pany now owns 100000 hectares GIFTS
acres of public lands, with the mines that
may be found therein, and in places already
indicated as the company shall select. This,
with the other lands acquired, represents a
total ownership to-day of 264,023 hectares
(652, 438 acres of land, besides the border of
200 metres on each side of the canal itself. y